Did you know that you can get anything under contract and then sell that contract to someone for a fee? It’s true — this process is called wholesaling!
Some people might confuse wholesaling with actually purchasing an item and then reselling it. So, you do not purchase bulk items at wholesale cost, mark them up, and then sell them at a retail price.
Wholesaling is getting anything under contract, finding a buyer for that contract (a.k.a “the deal”), and then selling the contract to that buyer for a finder’s fee. It really can be anything you would pay money for, be it an item or a service. If you can write a contract up for it, you can wholesale it. It could be a service, one item, a bulk of multiple items, etc.
Traditionally, people have a misconception that in order to get something under contract, you need to put a large deposit down. In reality, as long as there is as little as a $1 deposit paid to the seller, it becomes a legally binding contract. By putting that item under contract, the seller can no longer sell that item to anybody else while it is under contract with you (it is “locked up”). The length the offer would stay under contract for is negotiable — that is something you would prearrange with the seller. There is no set timeframe for the length of time the offer would stay open for. Obviously, the longer the better — then you have more time to find a buyer!
Now that buyer has a right to purchase that car and you made money with only putting $1 down!
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